On Tuesday, President Biden signed an extension of the Paycheck Protection Program (“PPP”) into law. The law extends the deadline to apply for a PPP Loan to May 31 (from March 31) and extends the date for loan authorization to June 30 to allow the Small Business Administration additional time to process loan applications.

The bill passed the House by a vote of 415 to 3 and was approved in the Senate by a vote of 92 to 7.

For additional information regarding the Paycheck Protection Program – please see the following articles:

• SBA Releases PPP2 Interim Final Rules (January 11, 2021)
• The Consolidated Appropriations Act, 2021: Round 2 of the Paycheck Protection Program (December 30, 2020)
• SBA Issues New FAQs Regarding PPP Loan Forgiveness (August 10, 2020)
• PPP Application Deadline Extended to August (July 6, 2020)
• New PPP Updates Since the Passing of the Paycheck Protection Program Flexibility Act (June 16, 2020)